Financial Performance - For the first quarter ended December 31, 2024, the company reported revenue of 6,155,000 in the same quarter of the previous year, representing a decline of approximately 27% [1][11] - The net loss for the quarter was 0.19 per share, compared to a net loss of 0.07 per share, in the prior year, indicating a significant increase in losses [1][11] Production and Pricing - Oil, gas, and natural gas liquids prices decreased by 2%, 40%, and 8%, respectively, compared to the prior year's quarter [2] - Production of oil, gas, and natural gas liquids decreased by 17%, 21%, and 17%, respectively, primarily due to natural declines as wells age and properties sold [2] Impairments and Losses - The net loss included a 351,000 was recorded, contrasting with a gain of 123,000, or 9%, primarily due to reduced professional fees compared to the previous year [4] Strategic Developments - The contract drilling segment agreed to sell a drilling rig and related equipment for $585,000, with the sale expected to close in the second quarter ending March 31, 2025 [5] - The company is considering strategic alternatives for its Water Resources segment, which may include a sale or orderly wind-down of operations [6] Outlook and Management Commentary - The CEO expressed concerns about a potential proxy contest that could impact liquidity and growth opportunities, while highlighting the performance of a new well and plans to drill additional wells once capital is secured [7] - The planned wind-down of the contract drilling business aims to refocus efforts and reduce fixed costs, positioning the company for more aggressive investments in operations [7]
Barnwell Industries, Inc. Reports Results for its First Quarter Ended December 31, 2024